Policy Riders, Provisions, Options, and Exclusions
An applicant discloses private-pilot activity during underwriting. How may an approved policy address that identified aviation risk?
Answer and explanation
Answer: C. The Compact standard permits an aviation exclusion based on information disclosed in the application or identified in underwriting. It may appear in the policy or an attached rider, endorsement, or amendment, subject to applicable requirements.Source: Interstate Insurance Product Regulation Commission — Individual Flexible Premium Adjustable Life Insurance Policy Standards — § 3 > J. Exclusions (1)(b), Aviation and underwriting-based exclusions
More policy riders, provisions, options, and exclusions questions
- The insured is not the owner of a cash-value life policy. The insured asks to take a policy loan without the owner's authorization. Which response best reflects the parties' roles?
- The insured's age was misstated on a flexible-premium life application. When discovered, how should the provision generally respond?
- Under standard individual life policy provisions, what is the maximum initial suicide exclusion period permitted under IIPRC compact standards?
- Under the entire contract provision, what elements constitute the legal agreement between the owner and insurer?
- Under the Uniform Simultaneous Death Act, if the insured and primary beneficiary die in a common accident and evidence cannot prove who died first, how are proceeds distributed?
- What benefit does a return of premium (ROP) term rider provide if the insured survives to the end of the term?
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